Voice of America
24 Jan 2023, 00:37 GMT+10
Stockholm - Swedish music streaming giant Spotify said Monday it was cutting six percent of its roughly 10,000 employees, the latest cost-cutting announcement among technology companies.
'In hindsight, I was too ambitious in investing ahead of our revenue growth. And for this reason, today, we are reducing our employee base by about six percent across the company,' Spotify chief executive Daniel Ek said on Spotify's official blog.
'I take full accountability for the moves that got us here today,' Ek added.
The Swedish company, which is listed on the New York Stock Exchange, has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts.
Spotify has never posted a full-year net profit despite its success in the online music market.
In recent months, tech giants such as Google parent company Alphabet, Facebook-owner Meta, Amazon and Microsoft have announced tens of thousands of job cuts as the sector faces economic headwinds.
Get a daily dose of Scotland Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Scotland Star.
More InformationLONDON, England: Flybe, a British regional airline, abruptly closed operations on January 28. The airline offered flight to Belfast, Birmingham ...
LONDON, England: Of the 14 main battle tanks and additional artillery support it will send to Ukraine, Britain hopes its ...
LONDON, England: Insurance broker Aon has estimated that natural disasters caused global economic losses worth $313 billion in 2022.It added ...
Consumers will pay an extra $1,000 for groceries this year, a survey showsFood inflation in the UK soared to a ...
Evanston (Illinois) [US], February 1 (ANI): Trends in discrimination are critical to evaluate the extent to which Western societies are ...
Kabul [Afghanistan], February 1 (ANI): After the United States left Afghanistan and Taliban took over the country in 2021, China ...
MANILA, Philippines: In an effort to attract more tourists, President Ferdinand Marcos has approved a value-added tax refund program for ...
TRIPOLI, Libya: Italian prime minister Giorgia Meloni held talks on energy and migration in Libya this weekend, which are major ...
MIAMI, Florida: This decade, the US south is expected to see more new residents than any other region in the ...
NEW YORK CITY, New York: After reporting record revenues in the fourth-quarter of 2022, US airlines expect strong travel demand ...
MANILA, Philippines: After a Filipina domestic worker was killed and dumped in the desert in the oil-rich emirate of Kuwait, ...
LONG BEACH, California: Long Beach, California-based Rocket Lab has launched its first mission from the United States, as part of ...